This result represented an 8.2 per cent increase compared to January 2015.

“It is clear that the handoff from 2015 to 2016 was a strong one. This
is not surprising given that recent polling conducted for TREB by Ipsos suggested
12 per cent of GTA households were seriously considering the purchase of a
home in 2016.

Buying intentions are strong for this year as households continue to see home
ownership as an affordable long-term investment,” said McLean.

The MLS® Home Price Index Composite Benchmark Price for January 2016 was
up by 10.7 per cent on a year-over-year basis. The average selling price over
the same period was up by 14.1 per cent.

The difference in the annual growth rates for the MLS® HPI and average
price was largely due to a greater share of high-end detached homes sold in
the regions surrounding the City of Toronto this year compared to last.

The MLS® HPI removes the impact of shifts in the share of different property
types sold from one year to the next.

“Market conditions in January were tighter compared to a year earlier,
with an annual increase in sales up against a decline in listings. This is
why growth in the MLS® HPI benchmarks continued to be strong, especially
for singles, semis and townhouses, where there has been a persistent lack of
inventory,” said Jason Mercer, TREB’s Director of Market Analysis.

All the Best!

Mark

This chart plots the monthly MLS average home price for the current year and the previous three years. The recurring seasonal trend can be seen along with comparisons to previous years for each month. You can click the thumbnail below to see a larger printable version. As well, you can see the season trends in graphical form

Below is a Graph showing TREB
Historical Average Price Data

The graph below shows a graph of sales price
data obtained directly from the Toronto Real Estate Board showing the
average selling price of single family homes from 1985 to date in our
GTA marketplace.

Note the historical trends for spring and
fall price increases, where spring typically has a larger increase
compared to the fall.

The benchmark for changes in price is chosen
to be the average price of homes at the last height of the market,
which was $273,698 in 1989.

If you want the actual values of prices for
every month going back to January 1995, I have them, and would be pleased
to E-mail them to you upon request.

If the average single family residential
price in the GTA continues to increase at 4% per year, the average price
of homes in the GTA is estimated to be $717,000 by 2020 and
by 2026 the average price will be over $900,000!

Update: The figures are in for 2012 and the average price was $479,000, I've updated the graph below to reflect these changes....stay tuned!

Below is the estimate as of 2016

Below is the estimate as of 2012

Current Average price for a single family home in the GTA is $427,000

Estimated average price by year 2015 is $525,000!

By 2020 average price estimate is $638,000!

Of course these are only estimates, but it shows that if the current trend continues prices will be well over $600,000 by 2020

When I first made this graph in 2007, the data showed that if Average prices continued to increase from end of 2007 at 4% per year, the average price would be over $475,000 in 6 years ( 2013) Now the data shows $517,190 for 2013!

In the beginning of 2007 I made the same graph below and if Average prices continued to increase from 2006 at 4% per year, the average price would be over $460,000 in 7 years ( 2013) - the Actual average was $523,036 for 2013!

The graph below is one that I made in 2013
and shows how times have changed in a few short years